West Bromwich BS 8% Regular Saver (Magic 8)

Speculator

I am allowed two withrawals penalty free from my Magic 8 so I will transfer £1000.00 to open a Stratus a/c tomorrow.

Once my Magic 8 matures on the 6th of October, I will close it and transfer the remaining balance into my Stratus a/c. At the same time I will close my Stratus a/c and withdraw the entire balance by BACS to my current a/c.

Dagobert

Speculator wrote: »

I am allowed two withrawals penalty free from my Magic 8 so I will transfer £1000.00 to open a Stratus a/c tomorrow.

Excellent idea!

Do you know whether the online application is actually an online application or does "submit" just print a PDF form to be posted?

Speculator

You have to fill in the details online, print off form and send with your Magic 8 passbook for the transfer.

debbie42

My accounts are branch based, with books. How easy would it be to transfer cash to the direct stratus account once it was up and running? Any idea?

Speculator

It should be straight forward, just send the books to head office with a covering letter.

Earlier in the year, I sent my branch based Magic 8 passbook to head office to transfer £7K to open a 7.05% 1 year Fixed rate bond without any problem.

Dagobert

As they bank with HSBC the payment to the nominated account might even be done by Faster Payments provided the receiving account is capable of it and the amount is below £10K.

I have nominted a FirstDirect account to which transfers should be immediate anyway.

Milarky

Dagobert wrote: »

As they bank with HSBC the payment to the nominated account might even be done by Faster Payments provided the receiving account is capable of it and the amount is below £10K.

I have nominted a FirstDirect account to which transfers should be immediate anyway.

Not sure it works like that. They probably continue to use BACS for those cheque-less transfers. I know that if HSBC writes you a cheque you can present it for cash at any branch with ID but I doubt a building society cheque-book (drawn on HSBC) is treated in the same way and is likely subject ot normal clearing times as a result.

Dagobert

Dagobert wrote:

I have nominted a FirstDirect account to which transfers should be immediate anyway.

Milarky wrote:

They probably continue to use BACS for those cheque-less transfers.

In my experience all transfers between HSBC accounts are same day.

In any case I would make sure it doesn't span a weekend if it should take 3 working days.

mary

MAgic 8 matured yesterday. Rang today to see how much I would be getting. Apparently 12286.70. Has anyone calculated how much they think we should be getting. Despite me sending my passbook and covering letter
with instructions, they have done their own thing, or else it's in the pipeline waiting to be scanned in, but they have put the money into a Tracker account and will give an additional £100.46 in November.

It was confirmed again that it will go by BACS.
But I have asked them to reexamine the interest as I feel it's too little.
There was a blip one month when transfers from HBOS went in too early
and that was long before the Faster Payments scenario. It meant that
2 payments went in at the beginning and the end of the same month. I rang and explained and was told the interest would be adjusted manually on the phone. So I wait to see.

Anyone else got theirs yet?

p1an0player

Roughly:

Interest on 12 monthly contributions of £1000 at 7.5%, taxed at 20%
= £6000*0.075*0.8
= £360